Biden signs major climate change, health care law

US President Joe Biden's signing of the Inflation Reduction Act is a major win for him and the Democrats

President Joe Biden on Tuesday signed into law a big climate change and health care spending bill, giving Democrats another boost ahead of midterm elections in which Republicans are suddenly less certain of their predicted crushing victory.

The law, dubbed the Inflation Reduction Act, was touted by the White House as the biggest commitment to mitigating climate change in US history, as well as targeting long sought changes in the way medicines are priced and adding fairness to the tax system, with a minimum 15 percent tax for corporations.

"It's about tomorrow. It's about delivering progress and prosperity to American families. It's about showing America and the American people that democracy still works in America," Biden said.

Under the plan, the government will spend about $370 billion on green energy initiatives while also allowing the state-run Medicare system to negotiate prices for prescription drugs, something expected to cut sharply into the often ruinous prices Americans are forced to pay.

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